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5 YEAR
<br />29-Sep-10
<br />ENTRIKIN. J. NICHOLAS ~ DIANE
<br />South Bend Portage Township Residential Real Property Tax Abatement Schedule*
<br />Estimated Project Cost:
<br />Assessed Value:
<br />STRUCTURE (% AV of cost) 85.0%
<br />LAND Value 10 000
<br />Gross Assessed Value
<br />Less Mortgage Exemption
<br />Less Homestead Deduction
<br />Less Supplemental Homestead Deduction
<br />Base Assessed Value
<br />$400,000.00
<br />Total Taxes Tax Abated** Tax Paid***
<br />340,000.00 340,000.00 340,000.00
<br />10,000.00 N/A N/A
<br />350,000.00 340,000.00 340,000.00
<br />(3,000.00) (3,000.00) (3,000.00)
<br />(45,000.00) (45,000.00) (45,000.00)
<br />__(106,750.00) (106,750.00) (106,750.00)
<br />195, 2 50.00 185, 2 50.00 185, 2 50.00
<br />Less Maximum Abatement Deduction
<br />Less Non-Abated Amount
<br />Plus Land Assessed Value
<br />Net Assessed Value
<br />Prooerty Taxes:
<br />Assume constant tax rate of
<br />N/A N/A (74,880.00)
<br />N/A (110,370.00) N/A
<br />N/A N/A 10;000.00
<br />195,250.00 74,880.00 120,370.00
<br />4.4598% 4.4598% 4.4598%
<br />Gross Tax (tax rate x net assessed value) 8,707.76 3,339.50 5,368.26
<br />Less State & County Homestead Credit: 18.6246% (1,621.79) (621.97) (999.82)
<br />Tax Due Before Circuit Breaker 7,085.97 2,717.53 4,368.44
<br />Less Circuit Breaker Credit (2,598.59) (2,338.86) (259.73)
<br />Net Tax 4,487.38 378.67 4,108.71
<br />Circuit Breaker Cap
<br />Circuit Breaker
<br />Debt Service
<br />Circuit Braker Cap
<br />1.0000% 3,500.00 3,400.00 3,500.00
<br />0.5057% 987.38 378.67 608.71
<br />4,487.38 3,778.67 4,108.71
<br /> Net Total
<br /> Assessed Taxes Tax Tax
<br />Year Value Due Abated Paid
<br />1 195,250.00 4,487.38 378.67 4,108.71
<br />2 195,250.00 4,487.38 378.67 4,108.71
<br />3 195,250.00 4,487.38 378.67 4,108.71
<br />4 195,250.00 4,487.38 378.67 4,108.71
<br />5 195,250.00 4,487.38 378.67 4,108.71
<br /> 5 year totals: 22,436.90 1,893.34 20,543.56
<br />*This schedule is for estimation purposes only and assumes constant tax rates. The true tax values
<br />will ultimately be determined by the actual assessed valuation and the then current tax rates.
<br />**Tax Abated is capped at $74,880 of assessed value of structures only and does not include land
<br />assessed value.
<br />***Tax Paid is calculated using the difference between actual assessed value of structure and
<br />maximum abated portion of $74,880 and adding back the land assessed value.
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